The deadline to submit disaster loan applications for damages caused by Hurricane Isaac is Oct. 5, the U.S. Small Business Administration (SBA) announced.
The release asked homeowner, renter, business and non-profit organization in Indiana with insured losses not to wait for an insurance settlement before applying to the SBA.
"If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan," Frank Skaggs, director of SBA Field Operations Center East, announced in a statement.
SBA has also announced low-interest disaster loans for Allen County, Adams, DeKalb, Huntington, Noble, Wells and Whitley in Indiana; and Defiance, Paulding and Van Wert in Ohio.
Homeowners can avail loans up $40,000 to repair or replace damaged or destroyed personal property, whereas businesses and non-profit organizations can get up to $2 million. Also, to lessen the risk of property damages in future disasters, the SBA may increase a loan up to 20 percent of the total amount of disaster damage, the statement said.
On the interest front, rates are 1.938 percent for homeowners and tenants; three percent for non-profit organizations and four percent for businesses with terms up to 30 years.
Meanwhile, to provide one-on-one help to business owners seeking disaster assistance, the SBA also announced the opening of a Business Recovery Centre in Gulfport, Harrison County. "Businesses with physical damages or loss of revenue should seriously consider visiting the Center and applying for an SBA disaster business loan," Janita Stewart, SBA's Mississippi district director, said in a statement.
